Submitting The ITR Carefully | Mistakes Can Delay Your Refund

Income Tax Return: If you wish the return to be handled swiftly and the refund sum deposited into your account as early as possible, ensure to verify these aspects before submitting the ITR.

The deadline for submitting the ITR is nearing. 31st July is the final day for filing ITR. Although you can still submit returns post this date, a fine or interest on the tax will be applicable. Filing ITR is a statutory obligation for every citizen, but it also offers numerous advantages, so it’s essential to complete it diligently. Before submitting the ITR, ensure to examine Form 26AS and the Annual Information Statement (AIS), or your refund might get delayed.

Form 26AS: Before Submitting The ITR

Form 26AS is your yearly tax summary, which includes comprehensive data on the tax paid by you. It is associated with your PAN number, so you can access it by logging into the Income Tax Department portal. Form 26AS also includes details about TDS deductions, advance tax paid by you, self-assessment tax, TCS, and refunds granted by the Income Tax Department. It also provides the name of the entity/person deducting the tax, the tax amount, and other specifics.

Additionally, it shows records of high-value transactions such as life insurance premium payments exceeding ₹50,000, health insurance premium payments above ₹20,000, educational fees or donations surpassing ₹1,00,000, and property tax payments over ₹20,000, etc. At the time of submitting the ITR return, the TDS amount you mention must correspond with the TDS figure reflected in Form 26AS. Even a minor discrepancy here can place you under the Income Tax Department’s scrutiny. If your return corresponds with the data reflected in 26AS, then the department processes it promptly. Hence, you can get your refund clearly and swiftly.

Read This: Income Tax Reforms & Middle-Class Relief: Budget 2025

Annual Information Statement
Often, while submitting the ITR, we fail to recall records. To address this issue, AIS was launched in November 2021. You can retrieve it from the official Income Tax website, www.incometax.gov.in. It includes all the data the department already holds regarding taxpayers. It is divided into two segments –

Part A: It contains general details of the taxpayer, such as PAN, Aadhaar number, contact number, email address, residence, full name, and date of birth. In case it is a business entity instead of an individual, the date of incorporation of the company is shown in place of the date of birth.

Part B: It comprises technical data linked to your tax.

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